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Mining & Resources

Australian mining projects lose value

9 Aug 2013, by Informa Insights

Project management skills in the mining engineering sector may become more important as resources businesses look to glean extra value from initiatives.

The total value of resources projects across Australia dropped in the three months to June 2013, a new report has revealed.

Deloitte’s quarterly Investment Monitor showed the sector experienced a fall for the second three-month period in a row – the first time this has happened in ten years.

The value of definite projects – those that are under construction or committed – jumped 3.7 per cent to $468.1 billion, which is the largest the figure has ever been.

However, this was offset by planned projects (possible or under consideration) slumping 14.3 per cent, the equivalent of $68.3 billion, when compared with the same quarter last year.

Overall, the value of mining initiatives decreased $51.8 billion to $877.1 billion, which is 5.6 per cent lower than in the March quarter of 2013 and a 4.7 per cent decline year on year.

The news may encourage those operating in the industry to seek out project management training – as fewer initiatives could spell increased competition within the sector.

Staying ahead of the pack by taking part in project management courses could give bosses the edge they need when searching for work.

Deloitte said: “The profile of work in the Investment Monitor database suggests a peak in activity through 2013-14 is likely.

“Beyond that, the sheer volume of work in the pipeline means that a plateau may be in store.”

This is especially true for engineering construction, the organisation stated, with the industry the “star turn” of the last ten years.

Comprising 1.2 per cent of the Australian economy in 1991, it represented 6.6 per cent last year and came through the Global Financial Crisis relatively unscathed.

Despite this, much of the spending is dominated by seven big LNG projects, with further progress in these schemes spelling the peak of the activity.

Contract Law Fundamentals for Non-Lawyers, Contract Administration Fundamentals, and Contract Preparation and Negotiation are courses relevant to anyone who wants to save money in project management by having more watertight contracts and managing contracts well. These courses are designed to build confidence around legal terminology and contractual obligations to help protect your commercial interests, assist in contract development and avoid disputes.

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